The insolvent German printing press maker Manroland has reached an agreement with its creditors on the company's future. According to the insolvency administrator, Manroland will be split into three independent parts, with the German Possehl Group of companies acquiring the web offset press manufacturing plant in Augsburg. The agreement includes job cuts at all production sites in Germany.
In addition to acquiring the Augsburg plant, Possehl will also enter into a long-term supply agreement with Manroland's Plauen facility, which is to be transferred into a new company. The Offenbach sheetfed press manufacturing facility will be redeveloped for a management buy-out, it is learnt.
Manroland employs some 6,500 people of which 5,000 in Germany. Under the plan presented on 18 January, 1,473 employees are to be retained in Augsburg, 750 in Offenbach and about 300 at the plant in Plauen.